Founders Metals (TSXV:FDR) (OTCQX:FDMIF) has launched its 2024 drill program at the Antino Gold Project in southeastern Suriname. The company plans to drill up to 7,000 meters at the Buese area, starting with an initial 3,000-meter phase 1 program using its recently acquired third diamond drill.
Colin Padget, Founders’ President & CEO, commented in a press release: “We are very encouraged by the results of the preliminary work completed at Buese and are excited for the ongoing drilling. Historical work primarily targeted the high-grade shears and other mineralization separate from the Filuca intrusive. Given our recent work and updated geological interpretation, phase 1 of our drilling focuses on the bulk-tonnage potential of the Filuca intrusive and the high-grade shears zones along its edge.”
The Buese area covers over 600 hectares, located approximately six kilometers southeast of Upper Antino and the Froyo Gold Zone. Gold mineralization at Buese has been mapped over two kilometers along the southeastern extent of the Antino Gold Trend. The mineralization occurs within and along the margins of the Filuca tonalite intrusion. Recent artisanal mining exposed heavily altered outcrops, showing multiple generations of quartz and quartz-carbonate veins throughout the exposed body.
Founders’ recent exploration results, combined with historical auger sampling and limited past drilling of the Filuca intrusive, indicate significant potential for bulk-tonnage gold mineralization. This setting and style of mineralization are similar to the multi-million ounce Omai and Yaou gold deposits in Guyana and French Guiana, respectively.
Founders’ exploration work includes new ground magnetic and IP geophysical surveys, auger and rock sampling, detailed mapping, and analysis of historical drilling. The company has defined several high-priority drill targets. Geological mapping has successfully defined over 35,000 square meters of the tonalitic Filuca intrusive, with surface sampling confirming substantial gold mineralization associated with an extensive quartz and quartz-carbonate stockwork vein system. Channel sample results from Buese include 9.34 g/t Au over 8.0 meters and 11.87 g/t Au over 12.0 meters, with up to 113.0 g/t Au.
Highlights from the results are as follows:
Founders-owned third diamond drill rig now operating
Start of 3,000 m phase 1 drilling program at Buese
New induced polarization (IP) and ground magnetic surveys support previously unidentified mineralized structures confirmed with high-grade gold samples at surface
Channel sample grading 9.34 grams per tonne (g/t) gold (Au) over 8.0 m including 1.0 m of 42.56 g/t Au as well as previously released results of up to 113.0 g/t Au
Over 35,000 m2 of mapped Filuca intrusive with potentially a much larger subsurface body supported by recent geophysics
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I’ve contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.
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